Regulation the cryptocurrency market

Iran is seeking to regulate the cryptocurrency market rather than impose strict restrictions, Economy Minister Abdolnaser Hemmati said at a national event.

Hemmati explained that the government aims to capitalize on the positive aspects of cryptocurrencies while limiting their negative effects, considering that they fall under the jurisdiction of the Central Bank of Iran.

The new policies announced by the Central Bank of Iran aim to facilitate compliance with tax and anti-money laundering laws, and support the use of cryptocurrencies to create jobs and counter economic sanctions.

Experts estimate that Iranian investors own between $30 billion and $50 billion in cryptocurrencies, equivalent to a third of the domestic gold market.

The Iranian announcement coincides with a positive regulatory environment in the United States, where newly elected US President Donald Trump has appointed cryptocurrency-friendly figures to leadership positions, reflecting a global shift towards embracing these digital assets.